FUNDING ROUND LAUNCHED TO HELP BUSINESSES BOOST PRODUCTIVITY AND GROW REGIONAL ECONOMY

Leeds City Region Enterprise Partnership (LEP) has launched the second round of funding to boost productivity for businesses in the Leeds City Region.

Working with West Yorkshire Combined Authority, the Business Productivity Pilot will award grants to businesses that best demonstrate how capital investment will lead to measurable productivity improvements to their business. Grants can contribute to capital investment in machinery, equipment and the fit-out of premises.

Research by the Combined Authority highlights that if businesses can close the gap between the region’s productivity rate and the national average, £11bn could be added to the regional economy.

Businesses have until 31 January 2020 to apply for grants between £25,000 and £100,000. Applications will be assessed by a panel of experts from the private and public sector, and the decision on which applications are approved will be announced on 28 February 2020.

Councillor Susan Hinchcliffe, chair of the Combined Authority and leader of Bradford Council, said: “Improving productivity continues to be a priority for the Combined Authority and LEP. By doing so we will able to create better-paid jobs and be able to offer people a better quality of life.

“The pilot will help the LEP and wider City Region to capture practical learning to inform future activities and be at the forefront of developing evidence-led interventions on productivity that can be used to inform national policy decisions.

“Strengthening the region’s economy will, in turn, create a significant lift to the national economy and drive good growth.”

Roger Marsh, chairman of Leeds City Region Enterprise Partnership, said: “Boosting productivity remains a priority for the LEP and following the success of the first round of support, I’m delighted to launch round two of the Business Productivity Pilot.

“A key part of the Local Industrial Strategy is to close the productivity gap with the rest of the UK. Doing so would mean more better-paid jobs, improved living standards and could add £11 billion to the region’s economy.

“The pilot will allow the LEP to better meet the needs of businesses in the current economic climate and I’d encourage all businesses to get in touch with the LEP, and find out about the support available to improve productivity”.

This project has received investment from the LEP, delivered by the West Yorkshire Combined Authority, through the Leeds City Region Growth Deal – a £1bn package of Government investment to accelerate growth and create jobs across Leeds City Region.

To find out more about the pilot, contact the LEP Growth Service on 0113 3481818, or e-mail businessgrowth@the-lep.com. Further information can be found here.